Smart Business
Thinking by Jim Whelan
Dealing With
Success
“When the gods
wish to punish us, they answer our prayers.”
Your business is built on a passion to be an
expert. This is true whether launching a new, or growing your existing
business.
Many times this passion is not enough to
succeed. Building a business requires a strategic plan based on a clearly defined end
objective.
Many small business owners eventually realize they have to
learn business growth and management skills.
Some of the ways that you can succeed and stay
for the long run are:
1.
Understanding finances -
Financial experience tends to be a weak link in many small businesses. Assuming
you are in business to make money, develop an understanding of finances that
affect the business.
- Cash Is King.
Understand the difference between profits and cash. Profit is an accounting
concept while cash pays bills. Rely on a cash flow spread sheet and an account
receivable report to keep close tabs on positive cash flow.
2.
Make changes in
operations to accommodate growth – “Back of the envelope” wont carry you far. A "Shoebox Bookkeeping" system is overcome quickly. Look at the way you do business and
identify changes that could make a major impact on the way you operate.
3.
Use technology in innovative ways - Look
for ways to integrate technology to improve your business. Another industry may
be using a system that you can modify for yours.
4.
Control operations
expenses - Search for businesses that are using effective models and emulate
their operations. Seek out advice from your mastermind or business group.
5.
Keep head count low – Consider
new employees a long-term commitment. Hire only when you absolutely must.
6.
Mentally prepare you for
success - As counter-intuitive as it seems, the possibility of success
keeps some business owners awake at night.
The Bottom Line
You can only manage what you can control.
Develop an overall system of controlling the various aspects of your business
to build a successful business.
Jim is an expert business coach and a
respected advisor management and financial executives. He draws on his
long-term business leadership background to help CEOs grow revenue, increase
profits, improve performance.
Dealing With
Success
“When the gods
wish to punish us, they answer our prayers.”
Oscar Wilde
Your business is built on a passion to be an
expert. This is true whether launching a new, or growing your existing
business.
Many times this passion is not enough to
succeed. Building a business requires a strategic plan based on a clearly defined end
objective.
Many small business owners eventually realize they have to
learn business growth and management skills.
Some of the ways that you can succeed and stay
for the long run are:
1.
Understanding finances -
Financial experience tends to be a weak link in many small businesses. Assuming
you are in business to make money, develop an understanding of finances that
affect the business.
- Cash Is King. Understand the difference between profits and cash. Profit is an accounting concept while cash pays bills. Rely on a cash flow spread sheet and an account receivable report to keep close tabs on positive cash flow.
2.
Make changes in
operations to accommodate growth – “Back of the envelope” wont carry you far. A "Shoebox Bookkeeping" system is overcome quickly. Look at the way you do business and
identify changes that could make a major impact on the way you operate.
3.
Use technology in innovative ways - Look
for ways to integrate technology to improve your business. Another industry may
be using a system that you can modify for yours.
4.
Control operations
expenses - Search for businesses that are using effective models and emulate
their operations. Seek out advice from your mastermind or business group.
5.
Keep head count low – Consider
new employees a long-term commitment. Hire only when you absolutely must.
6.
Mentally prepare you for
success - As counter-intuitive as it seems, the possibility of success
keeps some business owners awake at night.
The Bottom Line
Create a plan that projects a successful
business.
You can only manage what you can control.
Develop an overall system of controlling the various aspects of your business
to build a successful business.
Jim is an expert business coach and a
respected advisor management and financial executives. He draws on his
long-term business leadership background to help CEOs grow revenue, increase
profits, improve performance.
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